Does life insurance affect financial aid?

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PostPosted: Mon Apr 15, 2013 12:27 pm   Post subject: Does life insurance affect financial aid?  

Does life insurance affect financial aid? I mean Medicaid?


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PostPosted: Tue Apr 16, 2013 8:56 am   Post subject:   

Yes, it does. Most states only allow $2000 or less than that is asset to qualify for Medicaid. If your life insurance policy is worth more than $1500 in cash value, you need to dispose off the asset by either cashing it in and draining the money or permanently assigning the policy or cash value to a funeral trust or funeral home.


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PostPosted: Tue Apr 16, 2013 1:25 pm   Post subject:   

If the cash surrender value is greater than $1,500 it is a counted asset for Medicaid.


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PostPosted: Tue Apr 30, 2013 1:23 pm   Post subject:   

You can change ownership, however Medicaid will look back at least 3 years--I've heard they are looking at who the payer is too.

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PostPosted: Thu May 02, 2013 9:07 am   Post subject:   

I don't think so. By the way check this out. (Promotional link removed as per TOU)

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PostPosted: Wed Jun 12, 2013 3:15 pm   Post subject:   

Quote:
Medicaid will look back at least 3 years
The Medicaid "look back" period for transferred assets was increased to 60 months about five years ago. Any assets which were transferred within that time limit will remain countable toward the spend down test. The problem this creates is that since the asset is no longer owned, the only way to meet the spend down test is to liquidate other assets, such as savings.



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PostPosted: Sat Jul 13, 2013 8:30 am   Post subject:   

Just what I've read recently, It will affect financial aid because Medicare will be privatize or in other words give seniors vouchers to buy it from private insurers. Well, it is one of the many federal programs that are fast going to being out of financing. Numerous solutions have been recommended, such as privatized Medicare plans that would issue vouchers for individuals to buy insurance with. However, a study has discovered that privatizing it would result in premium increases for most recipients. A part of the Romney-Ryan program for just what to do about Medicare is to privatize it, or in simple terms give seniors coupons to purchase it from private insurers.



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PostPosted: Sat Jul 13, 2013 2:37 pm   Post subject:   

Not going to happen anytime soon. Congress has no desire to change the Medicare system other than perhaps TAKE AWAY Medicare Advantage plans.



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